Monday, September 25, 2023

Axie Infinity Token Jumps 13% After Decentralization Plans Laid Out

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The Axie Infinity token jumps 13% after the decentralization plans were laid out from the team as we can see more today in our latest altcoin news.

The bulls are back and gave the AXS crypto gaming token a huge boost and in the past 24 hours, the native crypto that powers the popular “play-to-earn” game Axie Infinity token jumps 13%. the AXS is the game’s governance token that will allow holders to vote on different changes or to make proposals about how to improve the game while the token is now trading at $72.35 as per coinMarketcap.

Axie Infinity was one of the first crypto games to leverage crypto and NFTs to enhance its gameplay. The game itself is quite simple, the users mint Axies as NFTs and then battle them against other Axies and earn tokens called Smooth Love Portion with the users can then use these tokens to breed even more exits and continue playing. The Axies, AXS, and SLP tokens all have a real monetary value. To the layperson this could be intimidating that hasn’t stopped the game from becoming popular in places like Indonesia and the Philippines where the players are making a living using the money from playing.

The main motive behind the move in price seems to be fueled by the announcement made today. The Axie Infinity team outlined plans for giving the community of the token holder control over the project’s $1 billion treasury and with so much money at stake, the team explained how it will hand the contrl over the “stepwise” process that can be boiled down to progressive decentralization but the goal is to enable full governance which is both meaningful and substantive.

axs token
AXS 24-hour Price (Source: Coingecko)

By holding the token, the users will be able to change the tokenmics of the game that use the treasury to invest in new initiatives or increase the staking rewards. Gaining influence over these changes could mean that scoping the game’s token and the envisaged plan explained part of the reason behind the rise in the aXS price. The price seems to be reacting to the revamp of the game and slated for Q1, 2022 Origins the update’s name will go live by the end of the month as per the product lead Philip La:

“To clarify, we’re still aiming to get Origin out by end of the month. It’s cutting close but our engineers are working non-stop to polish and fix bugs. Shipping a very complex and quality product is hard. Engineers, out there may empathize with this. We’re pushing!”

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